The Minister of National Commerce of Venezuela, Luis Antonio Villegas Ramírez, indicated that payments in bolivars have increased by 90 % in the country following the elimination of the Tax on Large Financial Transactions (IGTF)

According to the official, the lifting of this tax “is generating a notable increase in the use of the national currency in Venezuela, especially for payments.” He added that transactions in dollars fell to 10 %.

According to Villegas, this dynamic in the national commercial sector reflects “a strategy designed by Nicolás Maduro, within the framework of the National Economic Council, to strengthen the domestic economy.”

This trend toward increased use of the bolivar in transactions extends to e-commerce, where a 55 % growth is expected so far in 2025.

In this regard, the minister emphasized that this increase has been supported by various working groups with the Venezuelan Chamber of Electronic Commerce (Cavecom-e).

M.Pino

Source: elnacional

(Reference image source: Aleksandrs Karevs on Unsplash)

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Through a meeting between the Minister of National Commerce, Luis Antonio Villegas, and the Minister of Domestic Trade of Cuba, Betsy Díaz Velázquez, both nations addressed strategic alliances to strengthen trade exchange.

“One of the goals set by both governments is to increase productive exchange between Cuba and Venezuela, but also to promote trade opportunities that allow the development of nations. Also, to contribute to economic development in other areas, generate employment, and improve economic conditions in regions that have faced significant challenges.”

Officials from Venezuela and Cuba agreed to maintain “a constant dialogue to evaluate the progress of the initiatives discussed and explore new opportunities for collaboration.”

They are expected to establish a work agenda for future meetings that will lead to strengthening ties of cooperation.

The meeting between representatives of both countries is part of a series of working tables “designed to facilitate the entry of Venezuelan products into the Cuban market, with the purpose of highlighting the quality and diversity of various national products.”

M.Pino

Source: notitarde

(Reference image source: Ian Taylor on Unsplash)

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La entrada Venezuela and Cuba will strengthen trade exchange apareció primero en Bitfinance.